What are the broad types or classifications of funds for a governmental entity such as a city?
A) general, governmental, and trust funds.
B) governmental, proprietary, and fiduciary funds.
C) revenue, trust, and governmental funds.
D) enterprise, revenue, and fiduciary funds.
E) governmental, agency, and enterprise funds.

Question

Quizplus · Accepted Answer

The broad types or classifications of funds for a governmental entity such as a city are governmental, proprietary, and fiduciary funds. Proprietary funds are used for business-like activities, such as providing goods or services to the public, while fiduciary funds are used for holding resources in a trustee capacity, such as employee retirement funds. Governmental funds are used for general government services and include the general fund and special revenue funds.

What Are the Broad Types or Classifications of Funds for a Governmental